Thomas J. Baltimore Jr, president and CEO, stated, “We are very excited to close on this new oceanfront hotel in the heart of Miami Beach at a significant discount to replacement cost. This acquisition is another example of our ability to source and underwrite attractive opportunities. We are excited to add this hotel to our portfolio and expect it will further enhance our diversification and growth profile.”

Upon entering into the purchase and sale agreement, RLJ Lodging Trust made a $7.2-million deposit. The remaining balance was funded with cash on the balance sheet.

Overtime Changes Could Impact Bottom Line for Hoteliers
With the first half of 2015 in the books, the industry enters the second half with lots of momentum. In terms of RevPAR growth and overall performance, the first six months of the year was everything we thought it would be—and more.